WeLab Bank, the virtual bank dedicated to curating intelligent banking experience, announced that it had become Asia’s 1st purely digital bank independent of traditional banking groups in major Asian markets to launch a digital wealth advisory solution- GoWealth Digital Wealth Advisory (GoWealth).

GoWealth combines the FinTech strength of WeLab Bank with the investment expertise of Allianz Global Investors (AllianzGI), one of the world’s leading asset management firms, empowering customers to reach their financial goals on “autopilot” with an end-to-end approach.

GoWealth is a goal-based wealth advisory solution. It ties the entire investment experience with customers’ goals through an end-to-end advisory process, ranging from financial planning and investment portfolio recommendations to fund transactions and financial goal tracking, all in the WeLab Bank app.

“Most of the existing wealth management services focus on high-net-worth customer segments; some relationship managers cease following up and stop tracking investment performance after customers buy investment products. Understanding these pain points, WeLab Bank is determined to digitalize and democratize wealth advisory through GoWealth. By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app. On this occasion, by launching GoWealth, we are proud to become Asia’s 1st purely-digital bank to launch a digital wealth advisory solution1. We envisage that GoWealth will raise the bar for the wealth management industry and mark an important milestone for the entire banking industry.”

                                                                              WeLab Bank, Chief Executive, Tat Lee.

To empower customers with risk management, GoWealth updates the “probability of success” on a regular basis which allows customers to understand the risks involved with greater ease. It tracks the progress of customers’ financial goals and helps customers stay on track with smart alerts so that they can manage their portfolios at their fingertips and gain traction under all market conditions.

“We are excited to collaborate with WeLab Bank and deliver our expertise to more customer segments through fintech. GoWealth relies on the extensive portfolio simulation methodology and AllianzGI’s expertise in investment management. We believe we can work with WeLab to help democratize digital wealth management solutions for more customers in the city, helping them achieve their financial goals and needs.”

                                     AllianzGI, Head of Institutional Business, Asia Pacific, Philip Tso.